Apart from the five growth clusters outlined in the 2015 Budget speech, what are other promising areas in which Singapore is well poised to excel?

THE five growth clusters outlined in the 2015 Budget are quite comprehensive and integral to Singapore’s economic development strategy of restructuring and moving our economy up the value chain. This will be achieved by focusing on knowledge and strategic innovation, through the adoption of new technologies.

In addition to these five clusters, another area of growth is in Big Data and Data Analytics. We should aspire to position Singapore as a ”data capital” and digital hub of Asia in terms of safety, storage and security, due to the country’s natural advantages of a sophisticated economy, geopolitical stability, and highly skilled talent pool.

As for cultivating Singapore’s talent pool, there is still much room for the deployment and adoption of basic HR best practices and practical know-how as well as high-level HR strategies and solutions across industries and organisations, to help address Singapore’s tight labour market and manpower challenges.